Compulsory Audit is required by chartered accountants if turnover of VAT Dealer exceeds specified amount
Such amount depends upon state to state
State with reasons in brief whether the following statements are correct or incorrect with
reference to the provisions of value added tax laws:
(ii) VAT laws of different States require a registered dealer to compulsorily get his books of
accounts audited irrespective of the quantum of his turnover.
(ii) Incorrect. Different States have prescribed different turnover limits for VAT audit and
only if the turnover of the registered dealer crosses such limit, he is required to get his
books of accounts audited under VAT laws.